The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Wealth

Merrill shrugs off the herd mentality

There is no room for nostalgia in the new-look Merrill Lynch. Charles Merrill might have wanted to bring Wall Street to the masses but it is the affluent who command the most attention from his successors. Since 2000, James Gorman has shaken up the private-client business with dramatic results.

James Gorman, who once had his
capabilities questioned, is agressively
pursuing a three-pronged approach to
attract wealthier private


IT WAS 64 YEARS ago when Charles Merrill embarked on his dream of "bringing Wall Street to Main Street" and began building the mass-market brokerage franchise that today makes Merrill Lynch global private clients' (GPC) business the largest of its kind in the world. "Good-time Charlie", as he was fondly nicknamed, firmly believed that the ultra-rich should not be the only ones to profit from the stock markets. A Southerner with humble roots, Merrill set out to convince the middle classes that they should be investing in stocks, and to enable them to do so without fear of being swindled. It's a story immortalized on the "Wall of Champions" at the GPC flagship office in New York's World Financial Centre. Adaptations of Charles Merrill's code of ethics also adorn the entrance halls, and senior executives know them off by heart. "Client focus, respect for the individual, teamwork, responsible citizenship and integrity – we attempt to live those five principles on a regular basis," says Marsha Jones, head of the flagship branch office.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree